港华智慧能源(01083) - 2025 - 中期业绩

Performance Summary Overall Performance Overview The Group achieved steady growth in H1 2025, with core business profit and profit attributable to shareholders both increasing by 2%, driven by renewable energy and stable gas business, and declared its first interim dividend Core Financial Indicators | Indicator | H1 2025 | Change | | :--- | :--- | :--- | | Business Core Profit | HKD 719 million | +2% | | Profit Attributable to Company Shareholders | HKD 758 million | +2% | | Interim Dividend | HKD 0.05 per share | First-time payout | - Growth was primarily driven by the continuous development of the renewable energy business and the stable performance of gas business profits, with contributions also from quality and efficiency improvement measures and successful reduction in financing costs[4] Segment Business Highlights Renewable energy net profit grew 5% with expanding grid-connected solar and storage capacity, while city gas maintained stable sales volume and improved comprehensive price spread despite challenges, and the Group successfully issued its second quasi-REIT product to enhance cash flow and reinvestment capacity - Renewable energy business net profit increased by 5% to approximately HKD 172 million, with cumulative grid-connected solar PV reaching 2.6 GW and industrial and commercial energy storage reaching 260 MWh[4] - City gas business comprehensive price spread increased by RMB 0.01 to RMB 0.57 per cubic meter, with customer base growing by 380,000 households[4] - Successfully issued 'Zero-Carbon Smart Phase 2' quasi-REIT product, raising a total of RMB 1 billion across two phases, with funds allocated for renewable energy project investments[4] Key Performance Indicators The Group's H1 2025 turnover was HKD 10.437 billion, largely flat year-on-year, with profit attributable to shareholders at HKD 758 million, up 2%, and basic earnings per share at HKD 0.218, while grid-connected solar PV capacity and gas customer numbers both achieved steady growth Unaudited Business Highlights for H1 2025 | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Turnover (HKD million) | 10,437 | 10,501 | | Business Core Profit (HKD million) | 719 | 707 | | Profit Attributable to Shareholders (HKD million) | 758 | 743 | | Basic Earnings Per Share (HK cents) | 21.8 | 22.1 | | Gas Sales Volume (million cubic meters) | 8,746 | 8,741 | | Cumulative Grid-connected Solar PV (GW) | 2.6 | 2.1 | | City Gas Customer Accounts (million accounts) | 18.02 | 17.22 | Financial Statements Condensed Consolidated Income Statement For the six months ended June 30, 2025, the Group's turnover was HKD 10.437 billion, a slight year-on-year decrease, while profit before tax remained stable at HKD 1.105 billion due to lower financing costs and increased share of results from associates/joint ventures, resulting in a 2% increase in profit attributable to company shareholders to HKD 758 million Summary of Condensed Consolidated Income Statement (For the six months ended June 30) | Item (HKD thousand) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Turnover | 10,436,971 | 10,500,990 | | Total Operating Expenses | (9,626,493) | (9,550,931) | | Share of Results of Associates | 211,784 | 110,949 | | Financing Costs | (331,135) | (359,423) | | Profit Before Tax | 1,105,216 | 1,101,864 | | Profit for the Period Attributable to Company Shareholders | 758,391 | 742,714 | | Basic Earnings Per Share (HK cents) | 21.8 | 22.1 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets increased to HKD 55.238 billion and net assets to HKD 26.649 billion, with non-current assets growing due to increased property, plant, and equipment, while net current liabilities expanded primarily due to higher borrowings due within one year Summary of Financial Position | Item (HKD thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 55,237,808 | 53,042,747 | | Total Liabilities | 28,589,269 | 27,284,727 | | Net Assets | 26,648,539 | 25,758,020 | | Equity Attributable to Company Shareholders | 24,214,813 | 23,447,738 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately HKD 6.719 billion, but the Directors believe the Group has sufficient unutilized credit facilities and financing channels to maintain its going concern[11] Segment Information The Group's businesses are primarily categorized into gas, renewable energy, and extended businesses, with gas remaining the main revenue source contributing HKD 9.674 billion in turnover, while renewable energy turnover was HKD 762 million with a HKD 171 million performance contribution, showing year-on-year growth, following a reorganization of the Group's internal reporting structure for business segments H1 2025 Segment Turnover and Performance (HKD thousand) | Business Segment | Turnover | Performance | | :--- | :--- | :--- | | Gas Business | 9,674,490 | 911,675 | | Renewable Energy Business | 762,481 | 170,877 | | Extended Business | - | 21,562 | - Compared to the same period last year, gas business turnover slightly decreased, primarily due to reduced gas connection revenue, while renewable energy business turnover and performance both achieved growth[17][18] - During the period, the Group reorganized its extended businesses and adjusted its internal reporting structure, reclassifying gas appliance sales and similar items under the gas business[14] Management Discussion and Analysis Business Review In H1 2025, the Group navigated a complex market, with city gas enhancing profitability through refined management and price adjustments while maintaining stable sales, and renewable energy achieving rapid growth as a key profit driver via its 'PV+Storage+Power Sales' integrated model and innovative asset management strategies City Gas Business Despite challenges from a warm winter and sluggish real estate market, the Group maintained stable gas sales, growing customers to 18.02 million, while improving city gas comprehensive price spread to RMB 0.57 per cubic meter through active price adjustments and cost control, and expanding 'Gas+' integrated energy services with AI for enhanced operational efficiency and safety - Despite a 0.9% decline in national natural gas consumption, the Group maintained stable gas sales volume[31] - City gas comprehensive price spread increased by RMB 0.01 to RMB 0.57 per cubic meter[31] - Actively promoted 'Gas+' business, expanding integrated energy services such as industrial and commercial energy-saving renovations and energy trusteeship[31] Renewable Energy Business Renewable energy business achieved HKD 172 million net profit, up 5%, with the Group focusing on 'Zero-Carbon Smart Industrial Parks' as its core model, reaching 2.6 GW of industrial and commercial distributed PV and 260 MWh of grid-connected storage, building an integrated 'PV+Storage+Power Sales' service system through 'Energy-as-a-Service' (EaaS) and 'Assets Under Management' (AuM) strategies, and expanding financing channels via quasi-REITs - The renewable energy segment achieved a net profit of approximately HKD 172 million in the first half, a 5% year-on-year increase[33] - Vigorously developed 'Energy-as-a-Service' (EaaS), building an integrated 'PV+Storage+Power Sales' service system[34] - Deepened the 'Assets Under Management' (AuM) strategy, successfully issuing two tranches of quasi-REIT products, raising RMB 1 billion[34] Environmental, Social and Governance (ESG) The Group deeply integrates ESG strategy into operational decisions, establishing an ESG Committee led by the CEO, maintaining leading ESG ratings in H1, including three consecutive years in S&P Global's 'Sustainability Yearbook (China Edition)', and continuously enhancing its sustainable development performance through green financial products like quasi-REITs and community initiatives - An ESG Committee, led by the CEO, has been established at the Board level, specifically responsible for coordinating sustainable development goals[35] - Selected for S&P Global's 'Sustainability Yearbook (China Edition)' for three consecutive years, with improved performance in the FTSE4Good Index[35] Business Outlook Looking ahead to H2, the Group anticipates a challenging business environment and will adopt a prudent financial strategy, with gas business deepening 'Gas+' integrated energy services and advancing AI-enabled initiatives for efficiency and cost reduction, while renewable energy is expected to remain a primary profit driver, focusing on technological innovation and energy storage R&D, aiming for stable gas growth with renewable energy as the development engine - Gas Business: Focus on breaking into the public institution energy cost trusteeship and industrial and commercial energy-saving renovation markets, fully advancing AI empowerment initiatives[37] - Renewable Energy Business: Expected to continue as one of the main drivers of the Group's profit growth, accelerating technological innovation and energy storage technology R&D[37] - Overall Strategy: Maintain steady growth in the city gas business, use renewable energy business as the development engine, and optimize cash flow management[38] Financial Review Operating Performance Analysis In H1 2025, the Group's total turnover was HKD 10.437 billion, a slight 1% year-on-year decrease primarily due to reduced gas connection sales from a sluggish real estate market, while total operating expenses increased by 1%, yet profit attributable to company shareholders grew by 2% to HKD 758 million, benefiting from significant profit growth from associates and joint ventures and lower financing costs Segment Turnover (HKD billion) | Business Segment | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Gas Business | 9.674 | 9.746 | | Renewable Energy Business | 0.763 | 0.755 | | Total | 10.437 | 10.501 | - Share of profit from associates increased by 91% year-on-year to HKD 212 million, primarily due to price adjustment efforts and the disposal of interests in certain subsidiaries[44] - Financing costs decreased by 8% year-on-year to HKD 331 million, attributed to strict control over capital expenditures and securing lower-interest loans[46] Liquidity and Capital Resources The Group maintains prudent financial management, with total borrowings at HKD 16.23 billion and a gearing ratio of 36% as of June 30, 2025, possessing ample liquidity including HKD 3.343 billion in cash and deposits, approximately HKD 13.582 billion in medium-term note facilities, and HKD 10.442 billion in unutilized credit facilities, further expanding financing channels with the successful issuance of RMB 470 million in quasi-REIT products in H1 Summary of Financial Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Borrowings | HKD 16.23 billion | HKD 15.427 billion | | Cash and Deposits | HKD 3.343 billion | HKD 2.73 billion | | Gearing Ratio | 36% | 36% | - The Group possesses approximately HKD 13.582 billion in medium-term note facilities and HKD 10.442 billion in unutilized credit facilities, indicating ample financial resources[50] - Most non-RMB borrowings have been hedged using cross-currency swap contracts to mitigate foreign exchange risk[49] Other Significant Matters Credit Ratings The Group maintained strong investment-grade credit ratings from Moody's (Baa1), S&P (BBB+), and China Chengxin International (AAA), all with a 'stable' outlook, reflecting rating agencies' recognition of the Group's robust business and credit history Key Credit Ratings | Rating Agency | Rating | Outlook | | :--- | :--- | :--- | | Moody's | Baa1 | Stable | | S&P | BBB+ | Stable | | China Chengxin International | AAA | Stable | Dividend Policy The Board declared an interim dividend of HKD 0.05 per share with a scrip dividend option, aiming to reward shareholder support, with share transfer registration suspended from September 2 to 4, 2025 - Declared an interim dividend of HKD 0.05 per share, with shareholders having the option of a scrip dividend[55] - The record date for shareholders entitled to the interim dividend is set for September 4, 2025[5] Human Resources As of June 30, 2025, the Group employed 23,556 staff, a slight decrease from the prior year, implementing a performance-based remuneration policy and providing comprehensive benefits and training to attract and retain talent - As of June 30, 2025, the Group's total number of employees was 23,556, compared to 24,171 in the same period last year[54] Corporate Governance and Compliance During the reporting period, the Company consistently complied with the Corporate Governance Code in the Hong Kong Listing Rules, with all Directors confirming adherence to the Model Code for Securities Transactions by Directors, and no purchases, sales, or redemptions of the Company's listed securities by the Company or its subsidiaries occurred, except for the share award scheme - The Company consistently complied with the Corporate Governance Code during the reporting period[57] - During the period, the trustee purchased 11,607,000 Company shares under the share award scheme[59]